EBRD mulls USD-60m investment in Egypt's Infinity Energy

Solar park in Egypt's Aswan province. Photo by: EBRD (www.ebrd.com).

October 15 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is considering making a USD-60-million (EUR 54.4m) investment in Egyptian renewables developer Infinity Energy SAE.

The bank’s goal with this investment would be to finance the development, construction and operation of renewable energy projects and associated ancillary business. This includes electricity distribution and electric vehicle (EV) charging stations in Egypt and across SEMED countries.

According to a Project Summary Document (PSD) released on Monday, the total project cost is USD 203 million. The status of the project is “Passed Structure Review” and “Pending Final Review.” The target board date is November 27, 2019.

Founded in 2014, Infinity Energy is part of the Mansour Group. The company has a portfolio of operational solar photovoltaic (PV) plants in Egypt totalling 184 MW. Each project has been executed under the country’s feed-in-tariff (FiT) programme.

(USD 1.0 = EUR 0.907)

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